Wheat prices rose in Yemen by 8% and are heading towards an increase of 50%

English - Tuesday 14 June 2022 الساعة 09:34 am
Aden, NewsYemen, special:

A new economic study confirmed that wheat and flour prices rose in Yemen during March 2022 by 8.3% compared to their prices before the Russian-Ukrainian war. 

The study, "The Economic and Social Repercussions of the Russian-Ukrainian War on Yemen," said that the price of imported wheat grains rose to 600 riyals per kilogram at the end of March 2022, compared to 554 riyals recorded at the end of February 2022.

While the national average price of imported wheat flour rose to 697 riyals per kilogram at the end of March compared to 644 riyals per kilogram at the end of February, an increase of 8.23%.

The study, issued in June 2022 by the Ministry of Planning and International Cooperation, expected that the risks of the repercussions of the Russian-Ukrainian war would lead to a rise in wheat prices in Yemen by rates ranging between 40% and 50% compared to current prices.

The UNICEF-funded study indicated that Yemen depends on about 45.3% of the total wheat imports in Yemen from the Russian Federation and Ukraine.

Yemen’s imports of Russian wheat during the year 2020-2021 amounted to about 1,38 thousand metric tons, or 25.7% of the total wheat imports, while Yemen’s imports of Ukrainian wheat amounted to 793 thousand metric tons, or 6. 19%.

According to the study, Yemen's total wheat supply is estimated at about 4,170,000 metric tons in 2021-2022, with a shortage estimated at about 575,000 metric tons for the year 2020-2021, which poses a threat to Yemen and leads to an increase in prices.

The dangers of the Russian-Ukrainian war are adding more pressure on import-dependent Yemen as a result of the high prices of wheat flour and vegetable oils, which are essential components of the diet of most families, across Yemen.

According to the World Food Program, the cost of the basic food basket - the minimum food needs for each family per month - recorded an annual increase of 351% in Lebanon, followed by Syria by 97%, and Yemen by an increase of 81%, all of which depend on food imports.  The three countries sharply depreciated the currency.

In addition, countries with economic stability, such as Turkey, also recorded increases in the cost of the food basket by 37%, and Egypt by 20%.